"4 However, the applicability of the Howey Test to digital assets has come under criticism. "7In addition, the Act proposes similar amendments to the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Exchange Act of 1934, and the Securities Investor Protection Act of 1970. THE ACT PROVIDES NECESSARY CLARITY TO THE DIGITAL ASSET INDUSTRYThe Act also provides necessary clarity to the digital asset industry. Emmer and Soto Introduce Bipartisan Bill to Provide Regulatory Clarity for Digital Assets (May 18, 2023), https://emmer.house.gov/2023/5/emmer-and-soto-introduce-bipartisan-bill-to-provide-regulatory-clarity-for-digital-assets; "Securities Clarities Act," available at chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://emmer.house.gov/_cache/files/4/4/44640083-8c24-432d-964e-b0dad3570b6f/A4BFD808D87EF1A7EAB1C7C00FD811C4.signed-bill-text.pdf. See, e.g., Nina Bambysheva and Steven Ehrlich, Circle Begs Congress: Please Regulate Us, Forbes Digital Assets (June 7, 2023), https://www.forbes.com/sites/ninabambysheva/2023/06/07/circle-begs-congress-please-regulate-us/?sh=12436ecf4e2 .

Source: Forbes June 19, 2023 12:54 UTC